Ethereum Hits Three-Month Peak: How Whale Sales Affect Prices

user avatar

by Giorgi Kostiuk

2 years ago

The crypto market is experiencing a significant surge, with Bitcoin's new all-time high driving altcoin gains, including Ethereum.

Crypto Market Overview

The crypto market has seen a significant surge in the last two days, with Bitcoin reaching a new all-time high of $75K. This rise has also driven some altcoins to new peaks.

Ethereum's Three-Month High

Ethereum has reached a three-month high, prompting many long-term and dormant whales to take profits. Following a 13.75% surge in Ethereum’s price, three ETH holders began selling. Specifically, two holders sold 33,701 ETH valued at $89.72 million.

Whale Activity and Market Impact

The first of these whales sent 25,000 ETH to Kraken, retaining 64,450 ETH. Another whale, dormant for over eight years, sold 8,701 ETH, leaving behind 2,304 ETH valued at $6.48 million. This increased whale activity raises fears of potential sell-offs that could push ETH prices towards correction.

If the current momentum is maintained, Ethereum could register further gains, potentially reaching the $3000 resistance level. However, recent whale sales could trigger a market correction, with prices possibly declining to $2670.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

WisdomTree Advances Regulatory Framework for Tokenized Funds

WisdomTree has updated its registration materials for tokenized investment products, focusing on the legal framework necessary for their distribution.

user avatarTenzin Dorje

CleanSpark Surpasses 10,500 BTC in Bitcoin Reserves

CleanSpark has achieved a significant milestone by increasing its Bitcoin reserves to over 10,500 BTC, reflecting a strategic shift in its operational model.

user avatarBayarjavkhlan Ganbaatar

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.